Aston Martin IPO pricing narrows toward bottom end of range

Aston Martin IPO pricing narrows toward bottom end of range

Aston Martin IPO pricing narrows toward bottom end of range

Shares in Aston Martin fell as much as 6.5 percent during its market debut in London on Wednesday after investors and analysts raised concerns that it may find it hard to deliver on an ambitious rollout of new models.

Luxury vehicle manufacturer Aston Martin (LSE:AML) has made a disappointing entry to the London market, with shares dropping to lows of £17.75p in morning trading after opening at £19. The company had priced its shares at £19 each, but they were down to £17.75 by 09:35.

The figure is toward the lower end of an updated range of GBP 18.50 to 20 given out on Monday, but well below the top end of GBP 22.50 that the company had been targeting in the run-up to the deal. In the lead up to the stock sale by Aston Martin's investors, analysts had questioned comparisons with its Italian competitor.

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"Today's listing on the London Stock Exchange represents a historic milestone", Aston president and chief executive Andy Palmer said in the statement.

'We are delighted by the positive response we have received from investors across the world and are very pleased to welcome our new shareholders to the register'. Revenue was up 8% over the same period a year earlier, while profit increased 14%, according to the numbers that were published last month.

Eligible Aston Martin employees, customers and owners' club members based in the United Kingdom will benefit from a specific share offer.

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The British supercar maker is now owned by Italian and Kuwaiti shareholders, alongside other minority investors. Aston Martin is one of the most hotly anticipated IPOs this year. The former Nissan veteran has been working to grow customers number by expanding the Aston Martin's model range and using a higher turnover of new products to drive sales.

He said Aston Martin was "relatively well insulated" from the effects of Brexit because Europe is not its biggest market and it may actually benefit from exporting with a cheaper pound.

Germany's Daimler AG meanwhile will not sell down its Aston Martin holding as part of the IPO, and will instead convert its non-voting 4.9-per-cent stake to shares.

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It sold more than 5,000 cars in 2017, its best performance in nine years.

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